Idea Cellular received nod from the Gujarat HC to demerge its passive infrastructure to subsidiary, idea Cellular Towers. The arm has 11,000 towers across 9 circles and will now be merged with Indus Towers.
The High Court of Gujarat at Ahmedabad has sanctioned the scheme of arrangement between Idea Cellular and Idea Cellular Towers Infrastructure,” said the company.
Additionally the Court also allowed financial restructuring of the company. “The High Court of Gujarat at Ahmedabad has sanctioned the scheme of Arrangement - Financial Restructuring seeking to adjust amount of non compete fee amounting to Rs 543.97 crore paid to the erstwhile promoters of Spice Communications Ltd against balance in Securities Premium Account of Idea Cellular Ltd.,” said the company.